The payments required on a contractual obligation are $500 per month. The contract was purchased for $13,372 just before a regular payment date. The purchaser determined this price based on his required rate of return of 9.75% compounded monthly. How many payments will he receive?

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The Answer of The payments required on a contractual obligation are $500 per month. The contract was purchased for $13,372 just before a regular payment date. The purchaser determined this price based on his required rate of return of 9.75% compounded monthly. How many payments will he receive?

The Payments Required on a Contractual Obligation Are $500 Per